Einhorn on Tesla: ‘Like Lehman, We Think the Deception is About to Catch Up’ (CNBC)
Hedge fund manager David Einhorn is blasting Tesla again. “Like Lehman, we think the deception is about to catch up to TSLA,” Einhorn said in an investor letter Friday. The hedge fund manager’s bearish call on Lehman was one of the most prescient calls of the entire financial crisis nearly a decade ago. In May 2008, just a few months before Lehman Brothers declared bankruptcy, Einhorn said at the Ira W. Sohn Investment Research Conference that the investment bank was a risk to the financial system and questioned its accounting. He confirmed his firm Greenlight was short Lehman during that speech.
Michael Dell and Silver Lake in Showdown with Shareholders Over VMware Plan (CNBC)
A showdown is looming between Dell Technologies and the shareholders who own the tracking stock for its 81 percent stake in VMware. Amid widespread opposition to the plan for buying that tracking stock, Dell’s owners, Michael Dell and Silver Lake Partners, are considering other alternatives, including raising the price they are offering or dropping the plan altogether.
Hedge Fund Managers Don’t Want To Be Hedge Fund Managers Anymore (DealBreaker)
Running a hedge fund certainly has its rewards; just ask David Tepper. But it’s also a tremendous pain in the ass, between the endless hours trying to find an edge and the whiny investor for whom it is never good enough. So eventually, the time comes when the hedge fund manager, to paraphrase Leon Cooperman, has wasted enough of his life in the endeavor. That time has come for Boston-based Highfields Capital Management’s Jonathon Jacobson, and without so much as a scratch on a valet’s face.
Brazil Hedge-Fund Icon Sees Bolsonaro as Favorite to Win Vote (Bloomberg)
Legendary hedge-fund manager Luis Stuhlberger continued to take advantage of the volatility brought on by Brazil’s upcoming elections to buy back into the country’s stocks and cut hedges after years of pessimism. Far-right candidate Jair Bolsonaro is seen as the favorite to win as the rejection of the left is showing up sooner than expected, Stuhlberger’s Verde Asset Management SA said in a monthly note to clients.